Seed funding of $5.25 million was provided to Relativity6, a Boston, MA-based provider of an AI platform for industry classification.
Fin Capital led the round with participation from State Auto Labs Fund and Vectr Ventures. Cortado Ventures and Angel Ventures were also involved.
The company plans to use the funds for commercial insurance underwriting sales acceleration, expansion into new markets and development of critical business data points.
Relativity6’s CEO, Alan Ringvald is responsible for creating an AI platform that can retrieve up-to-the second information about businesses to automatically detect their 6-digit NAICS codes and verify their digital existence. Through its proprietary real-time API, the company simplifies and streamlines the underwriting process. This API retrieves up-to the-second information about businesses to automatically detect their 6-digit NAICS codes and verify their digital existence.